Matouk expands with help from MassDevelopment bond

FALL RIVER — Fine linen manufacturer John Matouk & Co. broke ground this summer on a $9.5 million expansion at its manufacturing site in the Fall River Industrial Park.

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Posted Sep. 27, 2013 at 12:32 PM
Updated Sep 27, 2013 at 3:32 PM

Posted Sep. 27, 2013 at 12:32 PM
Updated Sep 27, 2013 at 3:32 PM

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FALL RIVER — Fine linen manufacturer John Matouk & Co. broke ground this summer on a $9.5 million expansion at its manufacturing site in the Fall River Industrial Park.

The company will use proceeds from $6.92 million in tax-exempt bonds issued by MassDevelopment to renovate 20,000 square feet of existing manufacturing space, build a 40,000-square-foot addition and purchase new manufacturing equipment.

Matouk expects to create 45 jobs as a result of the project, according to MassDevelopment. Taunton Avenue Securities Corp. purchased the bonds.

"Matouk exemplifies the kind of cutting-edge company that has led to a revitalization of manufacturing in Massachusetts," said MassDevelopment President and CEO Marty Jones. "MassDevelopment has partnered with Matouk on both previous projects and the promotion of advanced manufacturing in the Commonwealth, and we're pleased to leverage this low-cost financing so Matouk can create jobs in this important sector."

Founded in 1929 by John Matouk, Matouk is a family-owned business, now led by John Matouk's grandson, George Matouk Jr. The Massachusetts Manufacturing Extension Partnership selected Matouk as a pilot company in its Next Generation Manufacturing Initiative in 2008, and in 2011, the Small Business Association of New England awarded the company its prestigious Innovation Award.

"MassDevelopment has been a crucial growth partner for Matouk for over eight years," said Matouk CEO George Matouk Jr. "Its support has enabled us to build a strong foundation upon which to innovate, compete and thrive in the fine linen industry for another generation."